Reference Case Number: FOI9009
Freedom of Information: Right to know request:
I would like to submit the following requests for information under the Freedom of Information Act:
- How many open enforcement investigations does the FCA currently have?
- How many of the enforcement investigations referred to in 1. above are into individuals and how many are into firms?
- Please confirm the number of individuals who are approved by the FCA or the PRA to perform one or more Senior Management Functions ("Senior Managers") who have been the subject of an FCA enforcement investigation since March 2016.
- Out of the investigations referred to in 3. above, please confirm how many of these investigations are current / still ongoing?
- Please confirm the number of individuals who are classified by their firm as a Certified Person for the purposes of the FCA or PRA Certification Regimes who have been the subject of an FCA enforcement investigation since March 2016?
- Out of the investigations referred to in 5. above, please confirm how many of these investigations are current / still ongoing?
- Please confirm the number of individuals who are subject to the FCA's Code of Conduct but are not Senior Managers or Certified Persons who have been the subject of an FCA enforcement investigation since March 2016?
- Out of the investigations referred to in 7. above, please confirm how many of these investigations are current / still ongoing?
FCA response:
In considering the information set out below, please note the following:
- The Senior Managers and Certification Regime (SM&CR) has applied to Senior Manager Functions (SMFs) at UK banks, building societies, credit unions, branches of foreign banks operating in the UK and the largest investment firms regulated by the PRA and the FCA since 7 March 2016.
- SMFs at dual-regulated insurers (regulated by both the FCA and PRA) have been subject to the SM&CR since 10 December 2018.
- The SM&CR replaced the Approved Persons Regime (APER) for SMFs from 9 December 2019 for solo-regulated firms regulated by the FCA only.
- For banking firms, the FCA Code of Conduct (COCON) was extended to non-SMF staff from 07 March 2017. For insurance firms, COCON was extended to apply to non-SMF staff from 09 December 2019. It was extended from 31 March 2021 for solo regulated firms. The COCON rules apply to those staff that fall under the SM&CR.
Potential misconduct by individuals at firms prior to the dates listed above when the new regimes became effective is largely captured under APER. In total, the FCA has 375 individuals under investigation for a range of potential breaches, including APER, COCON, Fitness and Propriety (FIT), and criminal misconduct.
1. How many open enforcement investigations does the FCA currently have?
As at 31 March 2022 there were 603 open enforcement investigations.
2. How many of the enforcement investigations referred to in 1. above are into individuals and how many are into firms?
Firms: 238
Individuals: 365
3. Please confirm the number of individuals who are approved by the FCA or the PRA to perform one or more Senior Management Functions ("Senior Managers") who have been the subject of an FCA enforcement investigation since March 2016.
|
Total cases opened / closed broken down by year |
Opened |
Closed |
||
|---|---|---|---|---|
|
Senior Managers |
Non-SMF individuals * |
Senior Managers |
Non-SMF individuals |
|
|
2016 (from the date on which the SM&CR regime first became effective) |
2 |
0 |
0 |
0 |
|
2017 |
7 |
16 |
0 |
0 |
|
2018 |
13 |
15 |
5 |
5 |
|
2019 |
15 |
6 |
2 |
9 |
|
2020 |
15 |
4 |
11 |
14 |
|
2021 |
14 |
4 |
3 |
5 |
|
2022 (as at 28 March 2022) |
5 |
4 |
3 |
0 |
|
Total |
71 |
49 |
24 |
33 |
|
Total Opened / Closed |
120 |
57 |
||
* Includes Certified Individuals, Material Risk Takers, and other staff to whom COCON applies.
4. Out of the investigations referred to in 3. above, please confirm how many of these investigations are current / still ongoing?
There are currently 47 ongoing investigations into Senior Managers.
5. Please confirm the number of individuals who are classified by their firm as a Certified Person for the purposes of the FCA or PRA Certification Regimes who have been the subject of an FCA enforcement investigation since March 2016?
See table in answer to question 3 above (non-SMF individuals).
6. Out of the investigations referred to in 5. above, please confirm how many of these investigations are current / still ongoing?
There are currently 16 ongoing investigations into non-SMF individuals.
7. Please confirm the number of individuals who are subject to the FCA's Code of Conduct but are not Senior Managers or Certified Persons who have been the subject of an FCA enforcement investigation since March 2016?
We do not record information in this way. The table above outlines the number of non-SMF investigations. This includes Certified Individuals, Material Risk Takers, and other staff to whom COCON applies.
8. Out of the investigations referred to in 7. above, please confirm how many of these investigations are current / still ongoing?
See answer to question 6 above.